Chicago-based FourKites, a provider of real-time tracking and visibility solutions for transportation modes and digital platforms, recently announced the end of a new $ 100 million Series D funding round. .
This round, which brings FourKites’ total capital raising to over $ 200 million, was led by Thomas H. Lee Partners, and also had the participation of other investors, including Zebra Technologies, Volvo Group Venture Capital AB and Qualcomm Ventures.
Company officials said that with its new investors, the company is focused on promoting a broader vision by having an eye on the future of digital supply chains that “connects the physical and digital worlds of warehouses, stores and transportation with real-time data and machine learning. And they added that recent pandemic supply chain disruptions have spurred a continued shift to real-time transportation visibility platforms, with research firm Gartner recently predicting that 50% of the world’s top companies will have invested. in real-time transport visibility platforms by 2023.
Mathew Elenjickal, CEO and Founder of FourKites provided Logistics management Group editor Jeff Berman with a detailed look at this round of funding, which follows below.
LM: What is FourKites going to invest this round of funding on?
Elenjickal: The funds will mainly be used for 3 things:
- To deepen our existing solutions and support our customers with additional resources. As we continue to expand our customer base and deepen our presence across all verticals, our clients ask us to solve very specific use cases with visibility. For example, pharmaceutical customers are looking for new ways to track the status of their shipments – not just location – while other customers are looking for new notifications that alert them when their shipments enter high-risk areas;
- We will aggressively develop our presence and customer success teams, particularly in Europe, Asia-Pacific and India; and
- If you look at the strategic investors in this growth finance, we are now moving beyond transportation visibility to true end-to-end supply chain visibility so you know exactly what’s going on in your transportation chain. supply, anywhere, anytime, anytime. on time. We will connect the physical and digital worlds of warehouses, construction sites, stores and transportation with real-time data and machine learning. This end-to-end vision is what our customers are looking for, and we have enlisted strong partners who can help us combine digital and physical supply chains.
LM: What are the main advantages of this news for customers?
Elenjickal: There are several advantages.
- We will double customer success: We will invest in creating tools and solutions to generate even more value for our clients’ businesses. These will include new automation features, extensive machine learning, and more advanced analytics – all to help them make better decisions, collaborate with their stakeholders, and better serve their suppliers and customers;
- We are pursuing our broader vision with major industry partners: When we first launched the real-time visibility marketplace in 2014, our clear mission was to connect global supply chains with real-time data and powerful machine learning. With this latest round of funding and in partnership with some of the largest companies in the industry, we are excited to share our expanded vision of automated, interconnected and collaborative supply chains – spanning transportation, warehouses, stores and more – all fed by real time visibility data;
- World-class solutions, everywhere: For many of our clients, their business operates around the world 24/7. To ensure their success, we will strengthen our teams and resources to provide them with the best possible service, wherever they operate; and
- Massive scale and beyond: We now track over a million shipments every day, and our platform, the world’s largest, operates at scale. To ensure that our customers are always getting the best and most reliable service, we are forecasting 10x growth and investing heavily in the speed, scalability and security of the platform.
LM: What are the biggest competitive advantages of this financing for FourKites?
Elenjickal: For FourKites, this latest round of funding is much more than a simple injection of capital. It’s about partnering with some of the world’s largest companies to extend supply chain visibility far beyond transportation into true end-to-end visibility to bring the next generation of innovation into the world. ‘industry. These partnerships are the definition of a strategic alliance, where the brand’s visions for customer satisfaction, technology, efficiency and everything in between really align to create the most robust strategies and most innovative to advance the industry.
With Thomas H. Lee Partners, who shares our vision for the future of supply chain automation; Qualcomm, the global leader in wireless, 5G and IoT innovation, which seeks to create massive new opportunities for collaboration on the future of the connected world; The Volvo Group, which seeks to shape the future of transportation with its next-generation autonomous trucks; and Zebra Technologies, which strives to provide real-time visibility into assets from the manufacturing plant to the retail store location – with these partners and our unmatched network of on-chain data. sourcing, we have the ability to revolutionize the entire supply chain ecosystem and generate tremendous value for all stakeholders along the way.
Cardinal Health Collaboration: FourKites also recently announced a global partnership with Cardinal Health, a pharmaceutical distributor, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for healthcare facilities, which will focus on improving the tracking of medical equipment, pharmaceuticals, first aid supplies and personal protective equipment (PPE) in transit to hospitals, pharmacies and other healthcare facilities around the world. FourKites noted that its tracking and analytics capabilities will help Cardinal Health optimize supply chain operations and enable a fast, reliable, and frictionless experience for the 29,000 pharmacies and nearly 90% of US hospitals that depend on it. Cardinal Health for critical supplies.
About the Author
Jeff Berman, Group News Editor Jeff Berman is Group News Editor for Logistics management, Handling of modern materials, and Supply chain management review. Jeff works and lives in Cape Elizabeth, Maine where he covers all aspects of the supply chain, logistics, freight transportation and material handling industries on a daily basis. Contact Jeff Berman